Global Small-Cap Equity Fund

September 30, 2025

Market Context

• Global small-cap stocks posted strong gains in Q3, with the Morningstar Developed Markets Small Cap Index rising 9.8%.
• Europe and Japan led the way, while the U.S. was mixed.
• All sectors posted positive returns. The basic materials, technology and utilities sectors turned in the biggest gains while consumer products lagged.

Portfolio Specifics

• At quarter-end, the fund held 50 companies, with the largest sector exposures being industrials and financials, consistent with our manager, TimesSquare’s, focus on companies positioned to benefit from global infrastructure growth and banking consolidation.
• The fund returned 3.9% in the third quarter. While European and Japanese holdings contributed strongly, U.S. positions lagged.
• Industrials and financials were the most notable contributors. PERFORMANCE FOOD GROUP and LATTICE SEMICONDUCTOR posted solid earnings growth.
• In Japan, DAIEI KANKYO was added to capture opportunities in a fragmented waste management industry. In the U.S., NETSKOPE was purchased to gain exposure to the growing need for real-time, AI-driven cybersecurity, while MYR GROUP was added to benefit from investments in data centre infrastructure. PIPER SANDLER, a specialist in mid-market banking transactions, was introduced to capture growth from regional bank M&A activity. Finally, JAMES HARDIE was added through its acquisition of former holding AZEK, maintaining exposure to the growing low-maintenance building materials segment. VERONA PHARMA, ACV AUCTIONS and INSPIRE MEDICAL were sold to make way for the new holdings.

Positioning

• The fund invests in businesses with a clear competitive edge that offer products and services the world needs. A record of consistent sales and profit growth is important, along with a management team that has experience and integrity.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Important information about the Steadyhand funds is contained in our Simplified Prospectus. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.